Cost of a Remodel vs. the Cost of Moving
Have you outgrown your home? Does it feel outdated? Do you feel cramped and need space? Before you decide to make a major move and contact a real estate agent, we want to provide you with some information about moving versus home remodeling.
Home Is Where the Heart Is
Is there still love for your home? Beyond wanting more space or an updated home, there are a multitude of reasons to consider when deciding to move or to stay. Deciding to leave your neighbors and close friends can be emotional. Other major factors include school district and community. Starting over in a new place can be daunting. All of these factors play into the decision of whether to move or stay put.
Three Reasons Why Homeowners Choose Remodeling Over Moving
Beyond the emotional consideration of owning a home, there are external factors why homeowners are choosing to stay. The home improvement industry has reported a sharp rise in remodeling spending. Three reasons why home owners are choosing remodeling over moving: shortage of inventory of homes for sale, rising rates of mortgages, and access to more home equity.
1. Inventory Shortage
2. Rising Mortgage Rates
3. Increase in Home Equity
The Cumbersome Cost of Moving
Whether you are thinking of moving out of state or staying local, there are many factors to consider with moving, which is a cumbersome process. Here are three cost factors to consider before you make that major move.
1. Cost Factors
2. Avoiding Scams
3. Is New Home Move-In Ready?
Your Home Value and Peace of Mind
Considering the costs of moving, the lack of quality inventory in the current real estate market, and the increase in mortgage rates, many homeowners are choosing to remodel. The benefits of tapping into your current home’s equity to remodel your home not only creates peace of mind in your new space, but also will add value to your home. Raise the value of your home with a remodel today.